Gamification Market Set To Expand With A CAGR Of 23.4% From 2016 To 2023 – Credence Research

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According to a new market research report published by Credence Research “Gamification Market (Marketing, Sales & Support, Education & Training, Human Resource, Research & Product Development and Lifestyle) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2023”, the global gamification market is estimated to expand with a CAGR of 23.4% from 2016 to 2023.

Gamification refers to application of game mechanics and design techniques in various business processes, so as to increase the overall productivity of employees. In terms of business context, gamification involves integration of game mechanics into an internal business process, portal, website or marketing campaign, in order to encourage active participation of employees/target audiences. The motive behind implementing gamification is to achieve deeper engagement with employees, partners and also consumers so as to achieve better results.

The most significant factor fueling the adoption of gamification is the immense advantages offered by these solutions driving the overall enterprise productivity. Active employee participation is typically accomplished using mechanics such as badges, leaderboards, achievement levels, score points and others. The concept behind using these mechanics to develop a sense of healthy competition among the employees, thereby driving higher level of dedication. Apart from this, the market is highly driven by the rising shift towards digital advertisement and internet services penetration worldwide.

Another major factor supporting the market growth is the rising efforts by the business organizations worldwide towards achieving high productivity. Business organizations are willing to invest in such solutions that can effectively enhance their internal processes as well as drive consumer engagement. Subsequently, growing competition among the business enterprise worldwide would significantly drive the gamification market growth. Nevertheless, low awareness among the end-users may restrict the market growth during the forecast period.

The overall gamification market is segmented on the basis of solution type, deployment model, application and industry vertical. On the basis of solution type, the market is segmented into consumer-driven and enterprise-driven solutions. Based on the deployment models, the market is further segmented into cloud-based and on-premise gamification. The applications of gamification considered under the scope include marketing, sales & support, education & training, human resource, research & product development and lifestyle. On the basis of industry verticals, the gamification market is further classified into banks, financial services & insurance (BFSI), entertainment, media & publishing, corporate enterprises (IT, ITeS, telecom etc.), retail, education, healthcare and others.

Competitive Insights:

The global gamification market is highly competitive in nature with market players focusing on developing innovative solutions for various applications. The overall market is still in its nascent stage with few adoption across different industry verticals. The market is currently consolidated in nature with few major players contributing to more than 50% of the total market revenue worldwide. Some of the leading players identified operating in the market include Microsoft Corporation, Salesforce.com, Bunchball, Inc., Badgeville, Inc., SAP SE and others.

Key Trends:

Shift towards cloud-based gamification solutions

Providing application specific gamification solutions for enterprises

Innovative solutions for attracting higher adoption

Introduction of gamification through mobile apps owing to their growing popularity